NEW YORK (TheStreet) -- Shares of American Tower Corp. (AMT) are climbing higher by 3.32% to $95.42 in early afternoon trading on Wednesday, after the company reported an increase in net income for the 2014 second quarter to $230 million, or 58 cents per share, compared to the $99.8 million, or 25 cents per share reported for the same period last year.
The wireless and broadcast communications infrastructure company said its surge in second quarter profit is due to "strong global demand for our tower space."
American Tower's total revenue grew by 27.5% for the 2014 second quarter to $1.03 billion versus $808.8 million for the 2013 second quarter.
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Separately, TheStreet Ratings team rates AMERICAN TOWER CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMERICAN TOWER CORP (AMT) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, increase in net income, good cash flow from operations and growth in earnings per share. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."